PFI
22/04/2015 13:42
ASSET
NOT PRICE SENSITIVE
REL: 1342 HRS Property for Industry Limited
ASSET: PFI: Acquisition of 232 Cavendish Drive, Manukau
ACQUISITION OF 232 CAVENDISH DRIVE, MANUKAU
NZX listed industrial property landlord Property For Industry (PFI) today
announced that it has entered into an unconditional contract to acquire an
industrial property located at 232 Cavendish Drive, Manukau.
The property comprises an 8,340 sqm warehouse, 3,017 sqm of canopies and 830
sqm of office and amenities on a 2.702 hectare site, which provides potential
for future expansion and development. Additionally, the property neighbours
an existing PFI asset.
The property is leased to Pacific Asset Leasing Limited, which is part of the
Transport Investments Limited group of companies. Transport Investments
Limited is a New Zealand owned group, operating nationwide, offering national
and international logistics. The rental on the property is $1.345 million and
the lease contains index linked rent reviews every two years.
PFI has contracted to purchase the property for $18.4 million, equating to a
purchase yield of 7.3%, and settlement is expected to occur on 22 May 2015.
Joint General Manager of PFI Nick Cobham noted: "The acquisition of 232
Cavendish Drive in Manukau in in line with PFI's strategy of acquiring
quality industrial property in New Zealand's main urban centres."
Contact
For further information please contact:
Nick Cobham
General Manager (Joint)
Phone: +64 9 303 9656
Email: [email protected]
Simon Woodhams
General Manager (Joint)
Phone: +64 9 303 9652
Email: [email protected]
About PFI
PFI is New Zealand's only listed company specialising in industrial property.
PFI's portfolio of 80 industrial properties in Auckland, Hamilton, Mount
Maunganui, Wellington and Christchurch, is leased to 138 tenants.
www.propertyforindustry.co.nz
End CA:00263420 For:PFI Type:ASSET Time:2015-04-22 13:42:03
